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A savings bank account is a basic deposit scheme. It promotes the habit of saving while allowing account holders to use their funds when required. Savings bank accounts earn interest, credited half-yearly. Any person, regardless of income level, can start one with a minimum of 100 rupees.
A recurring deposit (RD) is a deposit scheme where you deposit a fixed amount of money every month for a fixed period. At the end of the term, you receive the total amount invested along with the accumulated interest.
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A fixed deposit is an investment product where you deposit a lump sum of money in a financial institution for a fixed period at a fixed rate of interest. At the end of the tenure, you receive your principal amount plus the accumulated interest.
| No | Tenure | Interest Rate (%) | Senior Citizen (%) |
|---|---|---|---|
| 1 | 15 days - 45 days | 6.25 | 6.75 |